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Stockreport

Oil’s Biggest Rigs Head to the Junkyard [Bloomberg Business News]

TRANSOCEAN (RIG)  More Company Research Source: Bloomberg Business News
Last transocean earnings: 2/20 04:17 pm Check Earnings Report
US:NYSE Investor Relations: investor.deepwater.com
PDF Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day. The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials that will add up to a bruising $1.4 billion write-off. Competitors are going the same route, jettisoning more rigs in the third quarter than have ever been trashed in a 90-day stretch, according to Heikkinen Energy Advisors analyst David Smith. Deepwater Pathfinder Photographer: Gregory Smith/Corbis via Getty Images That’s how bad it is, with predictions crude prices won’t go much higher than $60 a barrel in the next year compared with around $50 recently. “Deepwater is going to be playing a much-reduced role on the global oil-supply stage relative to what the industry expected as recently as three years ago,” said Thomas Curran, a [Read more]

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